Preliminary results of AGM of MMC Norilsk Nickel

Annual General Meeting of shareholders (“AGM”) of OJSC MMC Norilsk Nickel (“MMC Norilsk Nickel” or “the Company”) took place in Moscow on June 28.

General Director of MMC Norilsk Nickel Vladimir Strzhalkovsky in his presentation for shareholders reported on the results achieved by the Company in 2009 and highlighted future top-priority goals. According to Mr. Strzhalkovsky, the management continued their efforts aimed at getting over the consequences of the economic crisis. As part if this work, the Company reduced considerably its non-core expenses, optimized relations with suppliers, increased the efficiency of its production operations overseas and the degree of their integration with Russia-based plants, improved internal financial discipline. All of the above was carried out along with previously approved social programs and strategically important production development projects, in full coordination with current production plans and existing contractual obligations.

The Company will keep investing in the projects that may ensure its long-term sustained operation as a low-cost metal producer, paying at the same time the greatest attention to its social commitments and improvement of corporate governance. One of the most important issues to be addressed in the nearest future consists in the development of an updated production strategy reflecting the management’s outlooks for the Company, and presentation of this new strategy to the Board of Directors.

Voting results:

Guided by the recommendations of the Board of Directors, the shareholders approved 2009 Annual Report of MMC Norilsk Nickel and annual accounting reports including profit-and-loss statement. They also voted for the payout of 2009 dividends in the amount of RUB 210 per share, which will correspond to 50% of the Company’s net revenue under IFRS or USD1,325B.

According the preliminary voting results, the following persons were elected to the Board of Directors of MMC Norilsk Nickel:

1. Bakal Boris, Consultant of Interros International Investments Limited,
2. Bougrov Andrey Yevgenyevich, Managing Director of Interros Holding Company
3. Deripaska Oleg Vladimirovich, Chief Executive Officer of UC RUSAL
4. Zakharova Marianna Alexandrovna, Director of Legal Department of Interros Holding Company
5. Klishas Andrey Alexandrovich, Vice-President of Interros Holding Company
6. Kostoev Dmitry Ruslanovich, Deputy General Director – member of the Management Board of MMC Norilsk Nickel
7. Mills Bradford Alan, General Director of Mandalay Resources, Executive Director of Plinian Capital
8. Pivovarchuk Oleg Modestovich, First Deputy General Director – member of the Management Board of MMC Norilsk Nickel
9. Sokov Maxim Mikhailovich, Director on strategy and corporate development of UC RUSAL
10. Solovyov Vladislav Alexandrovich, First Deputy General Director of UC Rusal
11. Strzhalkovsky Vladimir Igorevich, General Director – Chairman of the Management Board of MMC Norilsk Nickel
12. Titov Vasily Nikolaevich, Deputy President – Chairman of the Management Board of VTB Bank
13. Holden John Gerard, Consultant of Rockbury Services Inc. (Private)

The shareholders further elected members of the Revision Commission and approved Rosexpertiza LLC as Auditor of the Company’s RAS statements.

Other issues approved by the shareholders included remuneration and compensations for independent members of the Board of Directors, the cost of liability insurance for members of the Board of Directors and Management Board, inter-related interested party transactions that involve indemnification for members of the Board of Directors and Management Board, and inter-related interested party transactions between the Company and CJSC NORMETIMPEX.

At the meeting of the new Board of Directors that took place upon the AGM completion Vasily Titov was elected as Chairman of the Board.

The Board of directors also elected chairmen of committees: committee on audit - independent director John Gerard Holden, committee on strategy – independent director Bredford Alan Mills, committee on corporate management, staff and compensations – Andrey Klishas. The position of chairman of committee on budget was reserved for and offered to UC Rusal representative Vladislav Solovyev.